Residents and nonresidents of New Mexico are subject to the Estate Tax Act, Section 7-7-1 et seq. NMSA 1978. If there is a federal requirement to file a federal estate tax return, the estate’s personal representative must file a return with the Taxation and Revenue Department (TRD). The state filing must be completed on or before the deadline for the federal estate tax return, a copy of which must accompany the state filing.
The due date of the tax is the same as the federal deadline to file and pay, including any extension of time for filing the federal estate tax return.
Estate tax dollars, after refunds, go into the General Fund. Works of art may be accepted in lieu of payment of estate tax under certain circumstances.
The estate tax equals the federal credit on the transfer of the net estate for residents. For nonresidents the tax equals the federal credit imposed on the net estate located in New Mexico.
Taxpayers should make the check or money order payable to Taxation and Revenue Department. Mail the form with payment to:
New Mexico Taxation and Revenue Department
P.O. Box 25123
Santa Fe, NM 87504-5123
For assistance, call (505) 827-0763.
Or for tax return help, email us at OtherTaxes@state.nm.us.